SolarEdge posts 476% y/y jump in Q1 net profit

SolarEdge Technologies Inc (NASDAQ:SEDG) said on Wednesday its GAAP net profit has increased to USD 14.4 million (EUR 13.3m) in its fiscal first quarter (Q1) through September 30, 2015 from USD 2.5 million a year back.

On a non-GAAP basis, the Israel-based solar inverters maker booked a profit of USD 16.3 million, up from USD 2.8 million in the first quarter of fiscal 2014/15.

The following table gives more details about SolarEdge’s Q1 financial results.

Figures (in USD)	Q1 FY 2015/16	Q1 FY 2014/15	Q4 FY 2014/15
Revenues	115.1 million	67 million	98.5 million
GAAP Gross margin	29.1%	20.9%	28.7%
Non-GAAP Gross margin	29.3%	21%	28.9%
Operating profit	14.9 million	2.4 million	11.9 million
GAAP Net profit	14.4 million	2.5 million	9.3 million
Non-GAAP Net profit	16.3 million	2.8 million	13.8 million

For the second quarter of fiscal 2015/16, the company projects a gross margin of between 28% and 30% as well as revenues in the range of USD 118 million to USD 121 million.

(USD 1.0 = EUR 0.922)

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